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general session
March 25, 2019
Important note to investors
This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding
Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the business and operations of
Dominion Energy. We have used the words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", “outlook”, "predict", "project",
“should”, “strategy”, “target”, "will“, “potential” and similar terms and phrases to identify forward-looking statements in this presentation. As outlined in
our SEC filings, factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales
to customers and energy commodity prices; extreme weather events and other natural disasters; federal, state and local legislative and regulatory
developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental
compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital
market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating
agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by
Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for
acquisitions and divestitures; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to
regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals
necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to
complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s
quarterly reports on Form 10-Q or most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
The information in this presentation was prepared as of March 25, 2019. Dominion Energy undertakes no obligation to update any forward-looking
information statement to reflect developments after the statement is made. Projections or forecasts shown in this document are based on the assumptions
listed in this document and are subject to change at any time. In addition, certain information presented in this document incorporates planned capital
expenditures reviewed and endorsed by Dominion Energy’s Board of Directors. Actual capital expenditures may be subject to regulatory and/or Board of
Directors’ approval and may vary from these estimates.
This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers, solicitations or offers to buy, or any sales of
securities will be made in accordance with the requirements of the Securities Act of 1933, as amended. This presentation has been prepared primarily for
security analysts and investors in the hope that it will serve as a convenient and useful reference document. The format of this document may change in
the future as we continue to try to meet the needs of security analysts and investors. This document is not intended for use in connection with any sale,
offer to sell, or solicitation of any offer to buy securities.
Please continue to regularly check Dominion Energy’s website at investors.dominionenergy.com
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 2
Dominion Energy
Agenda
CEO perspectives
3 Looking ahead
CFO perspectives
Concluding remarks
Appendix
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 3
1 More than a decade of repositioning
Between 2007 and today
(+) (-)
$40B $20B $25B
Regulated Regulated Unregulated
capex M&A asset sales
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 4
1 More than a decade of repositioning
Increased scale through regulated investment
+5%
CAGR
$1.8B $3.4B
2006A 2019E
operating earnings operating earnings
+9%
CAGR
Adj. for sale
of E&P¹
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 5
1 More than a decade of repositioning
While staying true to our core values: Safety
1.87
1.40
1.24 1.25
Peer average:
1.08 1.06¹
0.95 0.92
0.83
0.74 0.74
0.66
0.60 0.55
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 6
1 More than a decade of repositioning
While staying true to our core values
Ethics Excellence
1.4M VCHEC
Warren
Volunteer hours Brunswick
$0.3B
Charitable giving
60%
Increase in spend Grid
with diverse Transformation
suppliers & Security Act
Cove Point
Greensville
47%
Reduction in
carbon emissions
Note: 2007—2018 cumulative volunteer hours and charitable giving. 2005—2017 carbon emissions reduction. 2013—2018 supplier diversity spending
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 7
1 More than a decade of repositioning
While staying true to our core values: One Dominion (teamwork)
Community,
Environmental,
Major Regulated customer, and
social &
projects mergers employee
governance
achievements
Grid
Cove Point Carbon & methane
SCANA Transformation &
liquefaction reductions
Security Act
Power generation
(Greensville, SCE&G Board
Questar
Brunswick, Warren, bill relief refreshment
VCHEC, Bear Garden)
Millstone
Atlantic Coast Carolina Gas Disclosure
zero-carbon
Pipeline Transmission enhancement
contract
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 8
1 More than a decade of repositioning
2018: Preparing the company for long-term success
12.5%
EPS growth DPS growth
10.0%
+1.7M
utility customers
GTSA ~$2.5B
Grid Transformation &
nonregulated asset sales
Security Act
~$8B Ratings affirmed
parent-level debt S&P / Moody’s / Fitch
reduction
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 9
Dominion Energy
Agenda
CEO perspectives
3 Looking ahead
CFO perspectives
Concluding remarks
Appendix
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 10
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
Regulated utility
operations centered
around 5 key states
~65—70%
2020E operating earnings
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 11
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
Top Top
50% 20%
OH VA
NC
SC
UT
Legend
Electric utility service territory
Gas utility service territory
Utility electric generation
¹ State regulatory rankings reflect the average assessment across 53 regulatory jurisdictions published independently by RRA and S&P Global Ratings. South Carolina adjusted to pre-NND abandonment avg. rating
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 12
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
FERC regulated /
regulated-like gas
transmission & storage
~25%—30%
2020E operating earnings
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 13
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
Legend
Natural gas pipeline
Atlantic Coast Pipeline
Cove Point
Gas utility service territory
Storage
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 14
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
Contracted generation
(Millstone & long-
term contracted solar)
Less than 10%
2020E operating earnings
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 15
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
Legend
Contracted generation
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 16
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 17
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
Legend
Electric utility service territory
Gas utility service territory
Utility electric generation
Contracted generation
Storage
Natural gas pipeline
Atlantic Coast Pipeline
Cove Point Note: Dot in Texas represents our contract for management of utility system of Fort Hood
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 18
2 Dominion Energy today: What and why
Dominion Energy’s asset portfolio in 2006
Gas Pipelines
Storage Field
Regulated Power
Unregulated Power
Oil & Gas Production
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 19
2 Dominion Energy today: What and why
National regulated energy infrastructure footprint
Note: Dominion Energy manages Ft. Hood’s electric utility system (located in Texas) which is denoted as a black dot on the map
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 20
2 Dominion Energy today: What and why
Scale
AEP
NEE
D
SO
PPL
EXC
PEG
SRE
XEL
ED
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 21
2 Dominion Energy today: What and why
Transition to lower business risk profile
Utility
Regulated
Regulated end-use
“like”
customer
Virginia/NC
State
regulated
S. Carolina
~95%
Gas LDCs
Regulated/
FERC Pipelines
regulated-like regulated /
Storage
2020E operating regulated
earnings like Cove Point
Contracted solar
Other Millstone
Gas retail/other
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 22
2 Dominion Energy today: What and why
Highlighting what we are and what we are not
Gas
Traditional midstream Transmission
(e.g., WMB, KMI, EQM)
& Storage
Gathering & Processing
Gas pipelines
Terminals
Assets Liquids pipelines
Gas storage
Utility demand-driven LNG export
Gas pipelines
Commodity
Volume and price De minimis
exposure
~90%+
Gas firm
~1%
G&P
Transmission service
margin
revenues1
& Storage
Low-risk
revenue profile.
De minimus
commodity
~63% ~36%
Large-cap firm
exposure.
midstream² G&P
service
margin
revenues1
¹ Defined as firm service revenues with limited to no volumetric risk or commodity exposure; includes ACP, excludes retail
² Selected large-cap midstream peers who publicly disclose firm reservation revenue contribution (WMB, KMI, EQM)
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 24
2 Dominion Energy today: What and why
Highlighting what we are and what we are not
Local electric and gas utilities could not reliably serve their customers without
Dominion Energy’s regionally-integrated gas transmission and storage networks
OH
UT/WY/ID
WV VA
Legend
Natural gas pipeline
Atlantic Coast Pipeline
Cove Point NC/SC
Gas utility service territory
Storage
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 25
2 Dominion Energy today: What and why
Strategic advantages
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 26
2 Dominion Energy today: What and why
Strategic advantages
2015
21%
47%Electricity's
18—40%
cumulative
natural gas
share of U.S. usage growth
Electricity's
share of U.S. energy end-use
energy end-use
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 27
Dominion Energy
Agenda
CEO perspectives
3 Looking ahead
CFO perspectives
Concluding remarks
Appendix
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 28
3 Looking ahead
New core value: Embrace change
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 29
3 Looking ahead
New core value: Embrace change
Solar RNG
meter wind vehicles LNG
Dedicated
company
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 30
3 Looking ahead
Existing business segments
CEO perspectives
CFO perspectives
Concluding remarks
Appendix
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 33
1 Organizing and presenting Dominion Energy
Transitioning over time to a new structure
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 34
1 Organizing and presenting Dominion Energy
Transitioning over time to a new structure
NY CT UT CT
OH
VA PA
States of WY OH MD ID WV SC
CA IN
WV WY
VA
operation NC
UT
CO NC UT Southeast
SC NC U.S.
GA
2020E
operating 40%— 25%— 10%— 10%—
<10%
earnings 45% 30% 15% 15%
contribution
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 35
Dominion Energy
Agenda
CEO perspectives
CFO perspectives
Concluding remarks
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 36
2 Dominion Energy Virginia
Overview
NC 10.2%
%
avg.
allowed
2.6M $23B ROE¹
2018 rate 2.4% 1.0%
customers
base 2018 Annual 51.4%
weather normal customer growth avg.
VA sales growth (last 5 years) allowed
equity¹
Key takeaways
One of the largest electric utility operating companies in the U.S.
GTSA provides path for more sustainable and resilient energy supply
Robust growth (customer, sales volume, and capital)
Competitive customer rates
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 37
2 Dominion Energy Virginia
Typical monthly residential electric bill (1,000 kWh)
$80 2.0%
Expected
$60 0.9% customer bill
increase less
$40 than or equal to
Avg. annual Avg. annual U.S. inflation
$20 inflation customer bill
growth
$0
Peer N
Peer D
Peer T
Peer V
Peer A
Peer B
Peer C
Peer G
Peer H
Peer J
Peer K
Peer M
Peer P
Peer Q
Peer R
Peer X
Peer E
Peer I
Peer L
Peer O
Peer U
Peer W
Peer F
Peer S
DENC
DEV
Source: EEI Summer 2018 Typical Bills and Average Rates Report (South Atlantic Region)
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 38
2 Dominion Energy Virginia
Five-year growth capital outlook
Customer Grid
Transmission Solar
growth transformation
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 39
2 Dominion Energy Virginia
Five-year growth capital outlook
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 40
2 Dominion Energy Virginia
Five-year growth capital outlook
Enviro/CT/other
Strategic 7%
undergrounding Transmission
5% 26%
Pumped storage
Renewable- 6%
Environmental enabling
CTs Offshore
wind ~$17B
$0.5B $0.5B 7% 2019—2023
2019—2023 2019—2023 Nuclear growth
growth capital growth capital relicensing capital¹
7%
Recovery method: Recovery method:
Rider & Rider Grid
Transformation Solar
base 22%
10%
Customer
growth
¹ Includes $0.2B associated with rural broadband pilot 10%
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 41
2 Dominion Energy Virginia
Five-year rate base growth outlook
¹ Electric transmission rate base associated with VA jurisdictional rider only; a portion of electric
transmission rate base is allocated to NC and VA non-jurisdictional customers (which is included in VA base)
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 42
Dominion Energy
Agenda
CEO perspectives
CFO perspectives
Concluding remarks
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 43
2 Dominion Energy Gas Transmission & Storage
Overview
Gas
~45%—
Demand-pull utility customers
50% No direct commodity exposure
pipelines
and storage ~7 year remaining contract life
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 44
2 Dominion Energy Gas Transmission & Storage
Overview
Other
~13 years U.S. utilities
18%
39%
~11 years
Power gen /
pipelines 80%+
9%
~7 years demand pull
by revenue
Int’l utilities
Low (Cove Point)3
re-contracting 34%
risk
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 45
2 Dominion Energy Gas Transmission & Storage
Five-year rate base and growth capital outlook
$11.2 $3.6B
$10.2 TOTAL
Resiliency
$8.2 21%
$6.9 ACP
34%
¹ Inclusive of CWIP /rate base for ACP (48%) and DETI Supply Header (100%) ² ACP includes only Dominion’s expected equity contribution, excludes debt funded capital at the project level
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 46
2 Dominion Energy Gas Transmission & Storage
Cove Point
Performance
Achieved production in excess of
105% of design capacity
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 47
Dominion Energy
Agenda
CEO perspectives
CFO perspectives
Concluding remarks
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 48
2 Dominion Energy Gas Distribution
Overview
WV
10.1%
%
NC avg.
OH allowed
$6.9B $405M
3M average ROE¹
2018 rate 1.4%
customers annual 55%
base Annual
rider capex avg.
customer growth
UT (last 5 years) allowed
equity¹
Key takeaways
6th largest gas utility in the U.S. by customers
De-coupling and weather normalization reduce volatility
Active integrity management programs in all jurisdictions
Segment operations managed from Utah
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 49
2 Dominion Energy Gas Distribution
Five-year growth capital outlook
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 50
2 Dominion Energy Gas Distribution
Five-year rate base and growth capital outlook
NC
22% OH
$8.1
$7.6 41%
$3.5B
$6.9
UT/WY
31%
Customer
growth and
other $3.5B
42%
Rider
investment
2018A 2019E 2020E 2023E 58%
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 51
Dominion Energy
Agenda
CEO perspectives
CFO perspectives
Concluding remarks
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 52
2 Dominion Energy South Carolina
Overview
Columbia Columbia
Ideally positioned in
Myrtle Beach state’s populous and Myrtle Beach
growing regions
Charleston Charleston
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 53
2 Dominion Energy South Carolina
Overview
Gas NND¹
10.2%
%
avg.
allowed
1.1M $8.3B ROE2
2018 rate 2.0%
customers 52.2%
base Annual
Gas customer growth avg.
(last 5 years) allowed
Elec Elec
equity2
Key takeaways
Among the “most credit supportive” U.S. regulatory jurisdictions
Strong economic and customer growth
Last electric base rate case 2011/12, earned ROE currently below 8%
Competitive customer rates
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 54
2 Dominion Energy South Carolina
Typical monthly residential electric bill (1,000 kWh)
$100
Estimated South Carolina typical residential
monthly electric bill
$80
$140 $133 $125 $125
$60
$40
$0 Peer N
Peer D
Peer T
Peer V
Peer A
SCE&G
Peer C
Peer G
Peer H
Peer X
Peer B
Peer E
Peer I
Peer J
Peer M
Peer P
Peer Q
Peer R
Peer K
Peer L
Peer O
Peer U
Peer W
Peer F
Peer S
SCE&G
Sources: EEI Summer 2018 Typical Bills and Average Rates Report (South Atlantic Region). SCE&G retail electric tariff sheets filed 12/31/2018. Estimates based on EIA From 861 sales and revenue totals,
ORS websites, company-specific factsheets; includes rate requests pending regulatory approval and estimated impact of NND abandonment
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 55
2 Dominion Energy South Carolina
Approach to ownership
3
Support strong economic
and customer growth
On-going
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 56
2 Dominion Energy South Carolina
Five-year rate base and growth capital outlook
Electric
Gas Gas
$7.8 24%
Electric
$2.1B 76%
$6.2 $6.4
$6.1
Electric
transmission
AMI 5%
Grid 6% Electric
transformation customer
9% growth
32%
Gas customer $2.1B
growth
24% Electric
environmental
2018A 2019E 2020E 2023E 24%
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 57
Dominion Energy
Agenda
CEO perspectives
CFO perspectives
Concluding remarks
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 58
2 Dominion Energy Contracted Generation
Millstone
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 59
2 Dominion Energy Contracted Generation
Long-term contracted solar
424 10 1,124
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 60
Dominion Energy
Agenda
CEO perspectives
CFO perspectives
Concluding remarks
Appendix
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 61
3 Consolidated financial outlook
Five-year rate base growth
~$64B
Gas Transmission & Storage
Virginia
2018E 2023E
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 62
3 Consolidated financial outlook
Five-year growth capital summary
$4
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 63
3 Consolidated financial outlook
Credit guidance
DEI (Parent /
Affirmed ratings
High BBB range Downgrade threshold to 13%
Consolidated) due to reduced risk profile
Affirmed ratings
Regulated OpCos A range Downgrade threshold to 14%
due to reduced risk profile
Affirmed ratings
Committed to
Short-term
A2/P2/F2 at parent
“We expect nearly 95% of “The outlook revision reflects “DEI owns a large portfolio of…
Dominion cash flow to be the company's increasing focus energy assets that provides a
produced from utility and long- on low-risk utility businesses…” diversified and stable source of
term contracted sources” “Dominion's [excellent] earnings and cash flow”
“Execution of 2018 balance business risk profile [is] based —Fitch, Dec. 21, 2018
sheet initiatives has reduced on its very large size and high
debt and business risk” proportion of lower-risk, rate-
—Moody’s, Jan. 9, 2019 regulated utility assets…”
—S&P, Dec. 27, 2018
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 64
3 Consolidated financial outlook
Financing plan
~$7B
~($3B) Up to
$300M—
~($5B)
~($7B) $300M $500M
growth
+ maint. ~$2B+
Operating cash (-) dividends (-) investing cash (+) DRIP (+) ATM (+) debt
flow flow issuance, net
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 65
3 Consolidated financial outlook
Current financing structure
DEI
Dominion Energy Merchant Dominion SCANA
VEPCO Generation Energy Carolina Corporation
Gas Holdings Gas
Utility Dominion Iroquois
Energy Questar Gas SCE&G
Generation Pipeline (~25%)
Transmission
Dominion
Electric Dominion Atlantic Coast Energy Questar PSNC
Transmission Energy Ohio Pipeline (48.0%) Pipeline
Operating Segments
Power Delivery Power Generation
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 66
3 Consolidated financial outlook
Alignment of new financing entities and new operating segments
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 67
3 Consolidated financial outlook
O&M control initiatives
Expected cumulative
savings of $200M+ 1 Dynamic cost cutting program through
(’19-’21) vs. ~2% annual business process improvements
O&M escalation
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 68
3 Consolidated financial outlook
Dividend policy
$3B 87%
Cove Point 16%
free cash flow
Average: 69%
Supported by non- 71%
Cove Point regulated /
“like” operations
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 69
3 Consolidated financial outlook
Dividend policy
Payout ratio
Low 70s%
70% 87% over time
$3.67
$3.34
$3.04
$2.80
Original guidance of
10% DPS growth
2018—2020
15 years of DPS increases
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 70
3 Consolidated financial outlook
Operating earnings per share growth
Original guidance
$3.65
6%—8% CAGR
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 71
3 Consolidated financial outlook
Operating earnings per share growth
Strong
Original
2018
guidance
results
$4.05
$3.65
6%—8% CAGR
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 72
3 Consolidated financial outlook
Operating earnings per share growth
$4.05—
$4.05 $4.40
$3.65
6.7% CAGR
(within original 6%—8% range)
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 73
3 Consolidated financial outlook
Operating earnings per share growth
$4.05—
$4.05 $4.40
$3.65
6.7% CAGR
(within original 6%—8% range)
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 74
3 Consolidated financial outlook
Operating earnings per share growth
5%+
post-2020
$4.05—
$4.05 $4.40
$3.65
6.7% CAGR
(within original 6%—8% range)
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 75
Dominion Energy
Agenda
CEO perspectives
CFO perspectives
Concluding remarks
Appendix
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 76
Atlantic Coast Pipeline
Status update and illustrative timeline
Biological
opinion May 9 ~90 days
(tentative
schedule)
after oral
arguments
By end of Q3
Challenges are focused on 4 species that inhabit areas along fewer than 100 miles
Comments of the route
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 77
Atlantic Coast Pipeline
Status update and illustrative timeline
Appalachian
Trail crossing By end of Soon
Q2 Late 2019 Early 2020
Q2 2020 thereafter
Expect DOJ to join Administrative or
appeal to SCOTUS Judicial
Legislative
solution
given extensive solution
implications of 4th
Construction re-start Fall 2019 Fall 2019
Circuit order
Comments
Pursuing judicial, Initial in-service Late 2020 Late 2020
administrative Full in-service Early 2021 Late 2021
and legislative
avenues Cost¹ $7.0—$7.5B $7.25—$7.75B
¹ Excludes financing costs
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 78
Reflections on select jurisdictions
Scorecard
Above
average¹ North South
Virginia Ohio Utah
Carolina Carolina
Top states
for business #4 #15 #3 #9
(2018)
Best states
for business #4 #20 #2 #1 #15
(2018)
Unemployment
rate #6 #12 #14
(Jan. 2019)
Population
growth #22 #1 #12 #10
(2013-18)
GDP growth
(2017) #23 #25 #11 #13 #9
¹ 50 states plus Washington D.C.
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 79
Reflections on select jurisdictions
Key themes
~65%—70% ~25%—30%
state regulated FERC-regulated /
utilities regulated-like
gas transmission
Premium assets Operating earnings & storage
in premium Not traditional
locations “midstream”
CEO perspectives
CFO perspectives
Concluding remarks
Appendix
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 83
Dominion Energy
Governance: Board of Directors
Thomas F. Farrell, II John W. Harris Mark J. Kington Robert H. Spilman, Jr. Helen E. Dragas
Chairman since 2007 Director since 1999 Director since 2005 Director since 2009 Director since 2010
Director since 2005
Ronald W. Jibson Joseph M. Rigby Susan N. Story James A. Bennett D. Maybank Hagood
New since 2016
Director since 2016 Director since 2017 Director since 2017 Director since 2019 Director since 2019
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 84
Dominion Energy
Governance: Board refreshment and diversity
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 85
Dominion Energy
Governance: Diverse Board expertise
Industry 62%
Drives ability to oversee
Dominion Energy’s strategic
Government, public policy or legal 77% framework
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 86
Dominion Energy
Governance: Board committees demonstrate robust oversight
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 87
Dominion Energy
Governance: Executive management team
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Dominion Energy
Governance: Executive compensation program highlights
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Dominion Energy
Governance: Executive management stock ownership
8.0x
Dominion Energy Industry peers Large-cap peers¹
6.0x 6.0x
5.0x
4.0x
3.0x 3.0x 3.0x
2.5x
2.0x 2.0x
1.0x
Source: 2017 Willis Towers Watson Long-term Incentives Policies and Practices Survey
¹ Includes companies with annual revenues of $10B to $20B per year
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 90
Dominion Energy
Environment: New emissions reduction targets
Intensity targets announced in Dec. 2018 Supplemental March 2019 emissions targets
50% 50%
reduction in methane intensity by reduction in methane emissions by
2030 (vs. 2010) 2030 (vs. 2010)
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Dominion Energy
Environment: Committed to robust ESG reporting and disclosure
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Dominion Energy
Environment: Generation (MWh) across company by fuel
2007A 2017A
1% 2%
4%
46% 15%
Coal
Gas
Nuclear
Renewable 43%
42% Other 37%
9%
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Dominion Energy Virginia
Profile
Electric Legacy A6 Dominion
VA base / Strategic
Transmission Generation Energy Total5
Other¹ Undergrounding
rider2 riders3 North Carolina4
Authorized
51.4%6 52.1% 51.4% 51.8% 51.4% 51.4%5
equity %
Allowed
10.0%6 11.4%7 9.2% - 10.2% 9.9% 9.2% 10.2%5
ROE
Notes:
1 Estimated 2018 end of period rate base inclusive of non-jurisdictional (wholesale/retail contracts) and environmental rate base
2 Estimated 2018 end of period rate base for Virginia’s transmission rider. Total end of period rate base estimated at $5.8B with difference included in non-jurisdictional and North Carolina rate base
3 Estimated 2018 end of period rate base for legacy A6 generation riders: Bear Garden, VCHEC, Warren County, Biomass conversions, Brunswick County, Greensville County and US-2 solar
4 Estimated 2018 end of period rate base inclusive of North Carolina’s allocation of Electric Transmission and A6 generation riders
5 Rate base weighted average
6 Represents Virginia base authorized equity and allowed ROE
7 Includes 50 bps RTO adder
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 94
Dominion Energy Virginia
Profile—Legacy A6 generation riders
Bear Warren
VCHEC Biomass Brunswick Greensville US-2 Solar Total
Garden County
Authorized
51.4% 51.4% 51.4% 51.4% 51.4% 51.4% 51.4% 51.4%
equity %
Allowed 9.2%—
10.2% 10.2% 10.2% 9.2% 10.2% 9.2% 9.2%
ROE 10.2%
Project
$0.6B $1.8B $1.0B $0.2B $1.1B $1.3B $0.3B $6.1B
Capital
# homes
~146,000 ~150,000 ~342,500 ~38,000 ~340,000 ~400,000 ~14,000 ~1,430,000
powered
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 95
Dominion Energy Virginia
Three-year capital summary
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 96
Dominion Energy Virginia
Rate base reconciliation
Illustrative only $B
2018E Dominion Energy Virginia rate base $22.9
(+) growth capital 16.6
(+) maintenance capital 3.4
(+) DD&A (6.9)
(+) tax-related adjustments (1.4)
(+) PPA solar capital (excl. from rate base)¹ (1.4)
(+) other² (1.2)—0.8
2023E Dominion Energy Virginia rate base $32.0—$34.0
¹ Constructed, owned and operated by Dominion Energy Virginia. Customer specific renewable demand; capacity credited towards commitment to have 3,000MW of VA solar in-service/underdevelopment
by 2022
² Other includes estimated regulatory rate base adjustments
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Dominion Energy Virginia
Grid Transformation and Security Act
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Dominion Energy Virginia
Grid Transformation and Security Act
Impacts
Period Review Comments
(if any)
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Dominion Energy Virginia
Grid Transformation and Security Act
Reinvestment reserve
Period expenses
(“CCRO”)
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Dominion Energy Virginia
Grid Transformation and Security Act
¹ Costs that exceed $225M per year are eligible for deferral
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 101
Dominion Energy Virginia
Asset portfolio
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Dominion Energy Virginia
Asset portfolio
Fuel Summer Fuel Summer
Plant Location Type Capacity (MW) Plant Location Type Capacity (MW)
Surry Surry, VA Nuclear 1,676 Chesapeake CT Chesapeake, VA Oil 51
North Anna Mineral, VA Nuclear 1,672 Low Moor CT Covington, VA Oil 48
Mt. Storm Mt. Storm, WV Coal 1,621 Northern Neck CT Warsaw, VA Oil 47
Chesterfield Chester, VA Coal 1,275 Bath County Warm Springs, VA Water 1,808
VCHEC Wise County, VA Coal 610 Gaston Roanoke Rapids, NC Water 220
Clover Clover, VA Coal 439 Roanoke Rapids Roanoke Rapids, NC Water 95
Yorktown Yorktown, VA Coal 323 North Anna Hydro Mineral, VA Water 1
Mecklenburg Clarksville, VA Coal 138 Pittsylvania Hurt, VA Biomass 83
Greensville Emporia, VA Gas 1,588 Altavista Altavista, VA Biomass 51
Brunswick Brunswick County, VA Gas 1,376 Hopewell Hopewell, VA Biomass 51
Warren County Warren County, VA Gas 1,370 Southampton Southampton, VA Biomass 51
Ladysmith CT Ladysmith, VA Gas 783 Whitehouse Solar Louisa, VA Solar 20
Remington CT Remington, VA Gas 622 Woodland Solar Smithfield, VA Solar 19
Bear Garden CC Buckingham County, VA Gas 622 Scott Solar I Powhatan, VA Solar 17
Possum Point CC Dumfries, VA Gas 573 Mt. Storm SC Mt. Storm, WV Other 11
Chesterfield CC Chester, VA Gas 397 Total Utility Generation 21,512
Elizabeth River CT Chesapeake, VA Gas 330
Possum Point Dumfries, VA Gas 316 Fuel Summer
Bellemeade CC Richmond, VA Gas 267 Plant Location Type Capacity (MW)
Bremo Bremo Bluff, VA Gas 227 Pecan Seaboard, NC Solar 75
Gordonsville Energy CC Gordonsville, VA Gas 218
Montross Montross, VA Solar 20
Gravel Neck CT Surry, VA Gas 170
Morgans Corner Elizabeth City, NC Solar 20
Darbytown CT Richmond, VA Gas 168
Remington Remington, VA Solar 20
Rosemary CC Roanoke Rapids, NC Gas 160
Yorktown Yorktown, VA Oil 790
Oceana Virginia Beach, VA Solar 18
Possum Point Dumfries, VA Oil 770 Hollyfield Manquin, VA Solar 17
Gravel Neck CT Surry, VA Oil 198 Puller Toppings, VA Solar 15
Darbytown CT Richmond, VA Oil 168 Total VA non-jurisdictional 185
Possum Point CT Dumfries, VA Oil 72
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 103
Dominion Energy Gas Transmission & Storage
Profile
Questar
DETI DECG Iroquois2 CP Pipeline Total
Pipelines1
Rate base
$3.23 $1.0 $0.5 $0.3 $0.64 $5.6
($B)
Annual
8,740,000 7,880,000 810,000 1,600,000 1,800,000 20,830,000
capacity (Dth/d)
% contracted
90% 95% 99% 90% 99% 94%
demand
Storage
(bcf) 756 131 — — 15 9025
Wavier
501-G filed ROE 11.7% 11.2%6 12.7% 33.7%
requested
Settlement with
Proceeding Proceeding No Waiver
501-G status customers awaiting
closed closed6 action FERC approval granted
Notes:
1 Includes Questar Pipeline, Overthrust Pipeline and 100% White River Hub, LLC; Dominion Energy owns 50% of White River Hub, LLC
2 Dominion Energy owns 50% . Statistics (with exception of rate base which reflects Dominion Energy’s 50% ownership) represent 100% of the asset
3 Inclusive of CWIP for DETI Supply Header
4 Includes FERC jurisdictional import and transmission facilities
5 Not inclusive of owned utility storage at DEO, SCE&G, and PSNC which add 174 Bcf
6 Represents Questar Pipeline. White River Hub filed a 26.9% 501-G ROE and has subsequently negotiated a FERC approved settlement with customers. Overthrust Pipeline participated in a section 205 rate case
and has subsequently negotiated a FERC approved settlement with customers. Neither the White River Hub nor Overthrust Pipeline settlements are expected to have a material impact on Dominion Energy
financial performance
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 104
Dominion Energy Gas Transmission & Storage
Three-year capital summary
1 Includes Dominion’s expected equity contribution for ACP, excludes debt funded capital at the project level
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 105
Dominion Energy Gas Transmission & Storage
ACP: Clear and compelling customer need
Customer affidavits
“Given the need for additional natural gas transportation capacity, a further delay in the
completion of the ACP project will increase our reliance on a single pipeline”
“Access to the transportation capacity to be provided by ACP is also critical to the
enhancement of generation reliability”
“Placing ACP into service at the earliest possible time is critical to [our] ability to provide
continuous, safe, and reliable natural gas service to growing markets in North and South
Carolina”
“No ready alternative source for the additional gas supplies needed to serve growing
customer base”
“Operationally dependent upon high-pressure gas deliveries from ACP in order to meet its
projected peak day demands”
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 106
Dominion Energy Gas Distribution
Profile
Utah and
Ohio North Carolina West Virginia Total
Wyoming
Rate base
$3.3 $2.1 $1.3 $0.2 $6.9
($B)
Authorized
51.3% 63.4%¹ 52.0% 45.9%² 55.0%³
equity %
Notes:
¹ Weighted average of UT, WY, and Wexpro (which is 100% regulatory equity capitalized)
² DEWV authorized equity capitalization of 42.34%, DEWV PREP earns on authorized 52.5%
³ Rate base weighted average
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 107
Dominion Energy Gas Distribution
Three-year capital summary
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 108
Dominion Energy Gas Distribution
Rate base reconciliation
Illustrative only $B
2018E Dominion Energy Gas Distribution rate base $6.9
(+) growth capital 3.5
(+) maintenance capital 1.3
(+) DD&A (2.0)
(+) tax-related adjustments (0.1)
(+) other 0.5
2023E Dominion Energy Gas Distribution rate base $10.0
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 109
Dominion Energy South Carolina
Profile
Notes:
¹ $2.8B net of $0.5B net DTL
² Rate base weighed average
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 110
Dominion Energy South Carolina
Three-year capital summary
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 111
Dominion Energy South Carolina
Rate base reconciliation
Illustrative only $B
2018E Dominion Energy South Carolina rate base $6.1
(+) growth capital 2.1
(+) maintenance capital 1.5
(+) DD&A (1.6)
(+) tax-related adjustments and other (0.3)
2023E Dominion Energy South Carolina rate base $7.8
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 112
Dominion Energy South Carolina
Capital cost rider
The capital cost rider was approved under terms of the South Carolina PSC
merger approval
Allows recovery of and return on ~$2.8B of New Nuclear Development costs
Rate base of $2.3B accounting for net DTL
Approved terms fixed for 20 years
Authorized equity capitalization 52.81%
Authorized return on equity 9.9%
Authorized recovery period 20 years (amortized by Feb 2039)
Annual depreciation ~$140M
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 113
Dominion Energy South Carolina
Depreciation expense
At time of merger close, Dominion Energy measured SCANA assets and liabilities
at estimated fair value as per applicable accounting guidelines
“Regulated” assets fair value equal to carrying values (ASC 980, Regulated
Operations)
Other assets and liabilities (primarily SCANA’s gas retail business) were re-
measured and recorded at fair value on the acquisition date. Intangible
assets identified during purchase accounting are amortized over their useful
lives (approximately 5-7 years)
Illustrative only $M
2018 D&A expense (per 2018 10K) $403M
(+) D&A expense on 2018 plant placed in service (estimate) ~$20M
(+) NND 20-year depreciation (see prior page) ~$140M
(+) Purchase accounting adjustment amortization & other ~$40M—$50M
2019E depreciation (per ERK) $605M—$615M
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 114
Dominion Energy South Carolina
Asset portfolio
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 115
Dominion Energy South Carolina
Asset portfolio
Net Summer
Plant Location Fuel Type Capacity (MW)
McMeekin Irmo, SC Gas 250
Urquhart Unit 3 Beech Island, SC Gas 95
Jasper (CC) Hardeeville, SC Gas¹ 852
Urquhart (CC) Beech Island, SC Gas¹ 458
Columbia Energy Center (CC) Gaston, SC Gas¹ 504
Hagood Units 4, 5, and 6 (CT) Charleston, SC Gas¹ 126
Parr (CT) Jenkinsville, SC Gas¹ 60
Coit (CT) Columbia, SC Gas¹ 26
Urquhart Units 1, 2, 3, and 4 (CT) Beech Island, SC Gas 87
Williams (CT) Goose Creek, SC Gas¹ 40
Hardeeville (CT) Hardeeville, SC Gas² 9
Wateree Eastover, SC Coal 684
Williams Goose Creek, SC Coal 605
Cope Cope, SC Coal³ 415
4
Summer Station Unit 1 Jenkinsville, SC Nuclear 647
Fairfield Pumped Storage Jenkinsville, SC Hydro 576
Saluda Irmo, SC Hydro 198
Neal Shoals Union SC Hydro 2
Parr Jenkinsville, SC Hydro 7
Stevens Creek Martinez, GA Hydro 9
Total Utility Generation 5,650
3 4
¹ Capable of burning fuel oil as a secondary source. ² Not currently in operations. Capable of burning natural gas a secondary source. Reflects SCE&G’s 66.7% ownership share
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 116
Dominion Energy Contracted Generation
Millstone hedging (2020)
Currently
hedged
~25% ~7M
~16M MWh MWh
per year¹ per year
Standard Available
hedging to hedge
~45% ~75%
¹ Represents Dominion Energy owned-generation based on 100% ownership of Unit 2 and 93.47% ownership of Unit 3; contract only applies to Dominion’s share of generation
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 117
Dominion Energy Contracted Generation
Asset portfolio
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Dominion Energy Contracted Generation
Asset portfolio
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Dominion Energy
Credit: Liquidity
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Dominion Energy
Credit: Current ratings
Virginia Electric and Power Company Moody’s S&P Fitch Dominion Energy Gas Holdings, LLC Moody’s S&P Fitch
Questar Gas Moody’s S&P Fitch Dominion Energy Questar Pipeline, LLC Moody’s S&P Fitch
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 121
Dominion Energy
Credit: Current ratings
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Dominion Energy
Credit: FFO or CFO pre-WC to debt
Net cash provided by operating activities
(-) Changes in working capital
Numerator (-) Capitalized interest (Note 2, Property, Plant and Equipment)
Source: 10K (+) Depreciation component of operating leases (Note 22. Lease Commitments)
Consolidated Statements of (+) Interest expense on junior subordinated notes x 50% (Note 17. Long Term Debt)
Cash Flow (+) Interest expense on re-marketable subordinated notes x 100% (Note 17. Long Term Debt)
unless otherwise noted
(+) Proceeds from assignment of shale development rights
Total
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 123
Dominion Energy
Credit: Parent-level debt to consolidated debt
Consolidated debt
(-) Solar non-recourse debt (Note 17. Long Term Debt)
(-) Cove Point non-recourse debt (Note 17. Long Term Debt)
(-) Cash and cash equivalents
Parent-level debt (-) Operating company total debt (Operating company balance sheets)
Source: 10K VEPCO
Consolidated Balance Sheet
Dominion Energy Gas Holdings
unless otherwise noted
Questar Gas
Questar Pipeline
SCE&G
PSNC
Total
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Dominion Energy
Pension overview
Funded status
(GAAP)
86% 84% 86%
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 125
Dominion Energy
Investor relations contact information
Website Email
investors.dominionenergy.com Investor.Relations@dominionenergy.com
Please refer to page 2 for risks and uncertainties related to projections and forward looking statements. 126